Sales of newly constructed single-family homes increased in December, with signed contracts rising 3.6% month-over-month to a seasonally adjusted annual rate of 698,000. The median price for new homes climbed to $427,000, driven partly by more affordable inventory—20% of sales were for homes under $300,000, up from 15% last year. An increase in unsold newly built homes was observed, signaling potential downward pressure on prices. Despite challenges, the recent performance indicates a more favorable market for new homes compared to existing ones, ending 2024 on a high note for new home sales.
Signed contracts for new homes were at a seasonally adjusted annual rate of 698,000 in December, up 3.6% from the prior month.
More affordable new inventory is driving sales, with 20% of December's sales occurring on homes priced under $300,000.
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